SemGroup Disclosure Statement Wins Approval

Law360, New York (September 25, 2009, 11:51 AM EDT) -- The judge overseeing SemGroup LP's Chapter 11 proceedings has approved the company's disclosure statement, giving it a green light to solicit votes for its restructuring plan and setting the stage for an Oct. 26 plan confirmation hearing, according to SemGroup.

A SemGroup spokesman said Judge Brendan L. Shannon approved the disclosure statement from the bench at a Sept. 24 hearing in the U.S. bankruptcy Court for the District of Delaware.

The disclosure statement's approval keeps SemGroup on schedule to emerge from bankruptcy in November, the company...